Best Life Insurance for Seniors (2025)
Insurers like State Farm, Mutual of Omaha, and Northwestern Mutual may be good options for seniors searching for affordable life insurance.
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Written byAnna Baluch
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4+ years writing insurance and personal finance content
MBA from Roosevelt University
Anna leverages her personal finance and insurance knowledge to create educational content that helps people make smart financial decisions.
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Edited byEvelyn Pimplaskar
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10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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Table of contents
As you grow older, your need for life insurance can change. Instead of replacing lost income or covering college expenses for your dependents, your life insurance may need to cover end-of-life expenses or serve as an inheritance for your loved ones.
Senior life insurance is usually any type of life insurance coverage available to people age 62 and older. Term life, whole life, guaranteed issue, and final expense policies are all options for seniors.
State Farm, Mutual of Omaha, Northwestern Mutual, Prudential, and MassMutual all offer life insurance products for seniors. Let’s take a closer look at what senior life insurance is, where you can find the best coverage, and how you can get a great deal on a policy as an older adult.
Quick Facts
Factors like your age, lifestyle, and preferred policy type will dictate what you pay for senior life insurance.
Seniors older than 70 may find it difficult, but not impossible, to buy affordable life insurance.
Term life insurance, whole life insurance, and final expense insurance are the best types of coverage for seniors.
What is senior life insurance, and how does it work?
Senior life insurance is similar to life insurance for people of all ages, including younger people. But it may have various price points and features that cater to seniors’ unique needs.
For example, final expense insurance typically costs less than a whole life policy, and you can usually get it without a medical exam. But the death benefit amount is typically lower. If you just need something to pay for burial arrangements, are on a limited budget, or have health issues that might make it difficult to get life insurance, a final expense policy can be a good option.
But if you want to leave a legacy for your children or grandchildren, or you have large debts, like a mortgage, you might opt for a whole life insurance policy. Premiums will be higher, but you can usually get a larger death benefit than with final expense insurance.
You may also benefit from senior life insurance coverage if you’re married and have a pension that doesn’t include survivor benefits. Plus, it can come in handy if you’re a parent or guardian of a grandchild.
While many types of life insurance products are available to seniors, the most common include guaranteed issue life insurance, which doesn’t require a medical exam, and final expense life insurance to cover end-of-life costs.
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Best type of life insurance for seniors
Senior life insurance products aren’t all the same. Several types of life insurance policies are available to older adults, including:
Term life insurance: Term life insurance provides coverage for a set period of time — typically anywhere between 10 and 30 years. Once the term is up, the policy will no longer apply or provide a death benefit to your beneficiaries if you pass away.
Permanent life insurance: Permanent life insurance lasts for as long as you pay your premiums. It usually accumulates cash value but tends to be more expensive than term life insurance. The most common types of permanent life insurance include whole life insurance and universal life insurance.
Guaranteed issue life insurance: This type of policy guarantees coverage if you meet certain age criteria, so there’s a good chance you’ll get approved. It doesn’t require a medical exam, making it an attractive option for seniors with significant health concerns. But it usually comes with higher premiums, lower coverage amounts, and age requirements.
Final expense insurance: Final expense life insurance is specifically designed to cover end-of-life expenses, such as funeral and burial costs. It comes in lower coverage amounts and can also help pay for outstanding debts upon your death.
Here’s a look at some of the best life insurance options for older adults:
Type of Life Insurance ▲▼ | Key Features ▲▼ | Best For ▲▼ |
|---|---|---|
| Final expense coverage | Affordable premiums, lower death benefit amounts, easy to obtain | Seniors who want to ensure their loved ones won’t have to pay burial costs |
| Guaranteed issue life coverage | Doesn’t require a medical exam, lower coverage amounts, higher premiums | Seniors with significant health conditions |
| Term life insurance | Lower-cost premiums, limited term | Seniors who prefer life insurance for a set period of time |
| Whole life insurance | Lifetime coverage, fixed premium, accrues cash value | Seniors looking to leave a legacy for loved ones |
Best life insurance companies for seniors
As you shop around, you’ll find no shortage of life insurance companies for seniors. To help you start your search for senior life insurance coverage, here are Insurify’s top picks for senior life insurance companies.
State Farm: Best for online quotes
Sample quote: $103 per month
J.D. Power score: 699/1,000
AM Best rating: A++
State Farm is one of the only senior life insurers that lets you get a quote online within minutes. It offers term life insurance up to age 75, guaranteed issue final expense insurance up to age 80 and with no medical exam, whole life, and universal life insurance. If you’re looking for other options, you can work with a State Farm agent to determine the ideal policy and complete the application process.
When it comes to customer satisfaction, State Farm excels, as it earned the top spot for customer satisfaction in J.D. Power’s 2024 U.S. Individual Life Insurance Study.[1]
Mutual of Omaha: Best for complimentary products
Sample quote: No online quotes available
J.D. Power score: 659/1,000
AM Best rating: A+
Mutual of Omaha has a strong lineup of life insurance products for senior citizens, including term, whole, and universal options. You can buy a term life insurance policy up to age 80. Whole life insurance is available up to age 85 — with the exception of in New York, where it’s offered up to age 75.[2]
Mutual of Omaha also offers insurance products, such as long-term care insurance, critical illness insurance, and cancer, heart attack, and stroke insurance. The insurer also provides a Medicare Advice Center and plenty of useful articles for seniors on topics such as funeral costs and long-term care.
Northwestern Mutual: Best for dividend earnings
Sample quote: No online quotes available
J.D. Power score: 670/1,000
AM Best rating: A++
Northwestern Mutual offers four types of life insurance policies that may work for older adults: whole life, universal life, variable universal life, and term life. It also provides other types of financial services, such as retirement planning, estate planning, and long-term care.
If you’re looking for a senior life insurance policy with a cash value account, Northwestern Mutual’s whole life coverage is worth considering. Your money will accumulate over time, and you’ll be able to use it to cover just about any expense, even when you’re alive. In 2025, Northwestern Mutual expects to pay out more than $8 billion in dividends to its policyholders.[3]
Prudential: Best for customization
Sample quote: No online quotes available
J.D. Power score: 626/1,000
AM Best rating: A+
Prudential allows seniors to choose from four term life insurance policy types and four types of permanent life insurance coverage with multiple policy options.
Policy durations for term life range from as little as one year up to 30 years. And if you’re younger than 60, you may be able to get a term policy from Prudential without a medical exam. The life insurance company makes it easy to customize your coverage through a variety of riders for both term and permanent life insurance.
With the BenefitAccess Rider, for example, you can access your policy’s death benefit while you’re alive in the event you become chronically ill. Other rider options may be useful if you become disabled or wish to provide your loved ones with an additional death benefit.
MassMutual: Best for customer service
Sample quote: No online quotes available
J.D. Power score: 673/1,000
AM Best rating: A++
MassMutual serves older adults with whole, term, universal, and variable life insurance. Because it’s a mutual company, it doesn’t answer to shareholders, and policyholders have certain rights regarding the company’s governance.[4] MassMutual’s commitment to its policyholders is evident in its J.D. Power score — the third-highest in the 2024 U.S. Individual Life Insurance Study.
You can work with a MassMutual financial professional near you to pinpoint the type of life insurance coverage that’s right for your needs and complete the application process. If you need additional assistance, you may reach out to the company directly via email or phone, Monday through Friday from 8 a.m. to 8 p.m. Eastern time. MassMutual also makes it easy to file claims online.
To choose the best life insurance companies for seniors, Insurify’s editorial team assessed industry ratings from AM Best and J.D. Power, the National Association of Insurance Commissioners Consumer Complaint Index rating, and user reviews, when available. We tested each insurer’s online quoting process, using an applicant profile for a 65-year-old female, in good health, seeking a 10-year term policy with a $250,000 death benefit. When online quoting was available, we considered the ease of the online quoting process, and any upper age limits, term limits, or coverage amount limits for seniors.
Cost of senior life insurance
The price you’ll pay for senior life insurance depends on a number of factors, such as your age, gender, health and smoking status, and family history. Whether you choose a term life or whole life policy will also play a role in the cost. And the insurance company you choose will also influence the cost of senior life insurance.
Term life insurance averages
The following table shows example monthly average premiums for term life insurance cited by select insurers on their websites for healthy, nonsmoking seniors age 60 seeking policies with a $250,000 death benefit.
Insurance Company ▲▼ | Term ▲▼ | Men ▲▼ | Women ▲▼ |
|---|---|---|---|
| Aflac | 10-year | $345 | $275 |
| Lincoln Heritage Funeral Advantage | 20-year | $106 | $75 |
| Progressive | 10-year | $77 | $60 |
Keep in mind these are only estimates, and your actual cost of life insurance will depend on your specific factors.
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How to save on life insurance for seniors
If you’re shopping for senior life insurance, here are some things you can do to help lower your life insurance costs as an older adult:
Shop around
Get life insurance quotes from at least three different insurers. Then, compare premiums, coverage options, riders, and customer satisfaction ratings to find the best option for you.
Apply early
It’s a good idea to apply for life insurance as soon as you decide you need it. If you wait until you’ve been retired for a while, for example, you may have to settle for higher rates.
Opt for a medical exam
Some life insurance companies offer no-exam policies, such as guaranteed issue coverage. No-medical-exam policies often come at higher premiums. But if you choose a policy that requires a medical exam, you may see cheaper premiums.
Choose term life
Term life insurance policies are typically cheaper than permanent life insurance. As an older adult, you may only need coverage for 10 or 20 years, for example. If this is the case, a term life policy is a more affordable option — especially if you don’t need a cash value component.
Be proactive about your health
The healthier you are, the lower your life insurance costs will likely be. For example, insurance companies typically charge higher premiums to smokers. You should make it a priority to attend routine checkups, exercise, eat healthy, and monitor your blood pressure.
Best life insurance for seniors FAQs
Life insurance can be an important part of your overall financial well-being during your senior years. Here are some common questions about life insurance policies for senior citizens.
What type of life insurance policy is best for seniors?
It depends. The best life insurance coverage for seniors varies. People who simply want to cover their funeral costs may benefit from final expense insurance. Seniors who want to get approved for coverage without taking a medical exam should consider guaranteed issue life insurance. And older people looking to use life insurance as an investment may opt for a type of permanent life insurance with a cash value component.
Why should seniors buy life insurance?
By investing in life insurance, older adults can help their families pay for their funeral costs and outstanding debts after they pass away. Life insurance may also allow them to support a grandchild or disabled child they parent and provide an inheritance to their loved ones.
Is it hard for seniors to get life insurance?
While it’s more difficult for seniors to lock in life insurance coverage, it’s not impossible. Many life insurance companies, such as State Farm and Northwestern Mutual, provide life insurance policies to older policyholders. But keep in mind that your age affects premiums. So, the older you are when you apply for life insurance, the more it’s likely to cost.
What’s the best life insurance for people older than 50?
The ideal life insurance policy for people older than 50 depends on budget, health status, and goals. Term life insurance is the most cost-effective option, but terms may be limited to 10 or 15 years. Whole life insurance is more expensive but comes with lifelong coverage and a cash value account.
Is life insurance worth it over age 70?
In most cases, life insurance doesn’t make financial sense for seniors older than 70, as premiums are usually very high. But if you’re 70 or older and want to cover your funeral expenses or pass down an inheritance to your family, it might be worthwhile.
Sources
- J.D. Power. "2024 U.S. Individual Life Insurance Study."
- Mutual of Omaha. "Whole Life Insurance."
- Northwestern Mutual. "Northwestern Mutual to Award Record $8.2 Billion Dividend to Policyowners in 2025."
- National Association of Mutual Insurance Companies. "What Are Mutuals?."
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Anna BaluchInsurance Writer
Anna Baluch is a Cleveland-based personal finance and insurance expert. With an MBA from Roosevelt University, she enjoys writing educational content that helps people make smart financial decisions. Her work can be seen across the internet on many publications, including Freedom Debt Relief, Credit Karma, RateGenius, and the Balance. Connect with Anna on LinkedIn.
Anna has been a contributor at Insurify since December 2022.
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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